Cobalt International Energy, Inc. Announces Fourth Quarter and Year-End 2011 Results and Announces Successful Deepwater Gulf of Mexico Appraisal Well
Cash expenditures (excluding changes in working capital) for the year
2011 were approximately
Cash, cash equivalents and investments at year-end 2011 were
approximately
Gulf of Mexico Update
Cobalt today announced the successful results of its
The well was drilled to a total depth of 31,030 feet in approximately
5,000 feet of water, about 1.5 miles south of the
“We are extremely pleased with the results of this appraisal well,
because it confirms our geologic model for the
Cobalt has a 9.375% working interest in the
About Cobalt
Cobalt is an independent oil exploration and production company focusing
on the deepwater U.S. Gulf of
Forward Looking Statements
This press release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995 — that is, statements related
to future, not past, events. Forward-looking statements are based on
current expectations and include any statement that does not directly
relate to a current or historical fact. In this context, forward-looking
statements often address Cobalt’s expected future business and financial
performance, and often contain words such as “anticipate,” “believe,”
“intend,” “expect,” “plan,” “will” or other similar words. These
forward-looking statements involve certain risks and uncertainties that
ultimately may not prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. For further discussion of risks and uncertainties,
individuals should refer to Cobalt’s
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Consolidated Statement of Operations Information: |
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|
Quarter Ending December 31, |
Year Ended December 31, |
|||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||
| ($ in thousands) | ||||||||||||||||||
| Oil and gas revenue | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Operating costs and expenses | ||||||||||||||||||
| Seismic and exploration | 20,229 | 14,850 | 32,239 | 45,030 | ||||||||||||||
| Dry hole expense and impairment | 8,874 | 1,585 | 45,732 | 44,178 | ||||||||||||||
| General and administrative | 23,015 | 14,017 | 59,130 | 48,063 | ||||||||||||||
| Depreciation and amortization | 185 | 194 | 735 | 787 | ||||||||||||||
| Total operating costs and expenses | 52,303 | 30,646 | 137,836 | 138,058 | ||||||||||||||
| Operating income (loss) | (52,303 | ) | (30,646 | ) | (137,836 | ) | (138,058 | ) | ||||||||||
| Other income (expense) | ||||||||||||||||||
| Interest income | 1,189 | 850 | 4,199 | 1,582 | ||||||||||||||
| Total other income (expense) | 1,189 | 850 | 4,199 | 1,582 | ||||||||||||||
| Net income (loss) before income tax | (51,114 | ) | (29,796 | )) | (133,637 | ) | (136,476 | ) | ||||||||||
| Income tax expense | — | — | — | — | ||||||||||||||
| Net income (loss) | $ | (51,114 | ) | $ | (29,796 | )) | $ | (133,637 | ) | $ | (136,476 | ) | ||||||
| Basic and diluted income (loss) per share | $ | (0.13 | ) | $ | (0.09 | ) | $ | (0.35 | ) | $ | (0.39 | ) | ||||||
| Weighted average common shares outstanding | 387,079,046 | 350,220,189 | 376,603,520 | 349,342,050 | ||||||||||||||
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Consolidated Balance Sheet Information: |
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As of December 31, |
|||||||||||
| 2011 | 2010 | ||||||||||
| ($ in thousands) | |||||||||||
| Cash and cash equivalents |
$ |
292,546 |
|
$ |
302,720 |
|
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| Short-term restricted cash | 69,009 | — | |||||||||
| Short-term investments | 858,293 | 534,933 | |||||||||
| Total current assets | 1,335,094 | 889,632 | |||||||||
| Total property, plant and equipment | 863,326 | 463,769 | |||||||||
| Long-term restricted cash | 270,235 | 338,515 | |||||||||
| Long-term investments | 47,232 | 40,003 | |||||||||
| Total assets | 2,527,944 | 1,746,443 | |||||||||
| Total current liabilities | 238,069 | 24,559 | |||||||||
| Total long-term liabilities | 210,961 | 2,850 | |||||||||
|
Total stockholders’ equity (387,531,630 and 350,733,998 shares issued and outstanding as of December 31, 2011 and 2010, respectively) |
2,078,914 | 1,719,034 | |||||||||
| Total liabilities and stockholders’ equity | 2,527,944 | 1,746,443 | |||||||||
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Consolidated Statement of Cash Flows Information: |
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Year Ended December 31, |
||||||||||
| 2011 | 2010 | |||||||||
| ($ in thousands) | ||||||||||
| Net cash provided by (used in): | ||||||||||
| Operating activities | $ | (57,795 | ) | $ | (133,264 | ) | ||||
| Investing activities | (430,391 | ) | (758,372 | ) | ||||||
| Financing activities | 478,012 | 101,256 | ||||||||
Source:
Cobalt International Energy, Inc.
Investor Relations:
Richard
A. Smith, 713-452-2322
Vice President, Investor Relations and
Planning
OR
Media Relations:
Lynne L. Hackedorn,
713-579-9115
Vice President, Government and Public Affairs